GSK Faces Major Legal Setback as 70,000 Zantac Lawsuits Proceed
A Delaware court ruling permits scientific testimony in cases alleging the heartburn drug causes cancer, impacting GSK's market value.
- GSK shares dropped by 9%, erasing nearly £7 billion from its market value.
- The ruling allows expert witnesses to testify that Zantac may cause cancer.
- GSK, along with Sanofi, Pfizer, and Boehringer Ingelheim, disputes the scientific basis for the claims.
- Analysts predict settlement costs could range from $1 billion to $7.5 billion.
- GSK plans to appeal the decision, citing contradictions with previous federal rulings.
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